Do you want rental payments applied towards owing a
How can you make ends meet by just throwing your money
away on rent and getting nothing in return?
You're making your lanlord rich while you're paying his
You've probably seen that banks only lend money to those
who don't need it. When you have the cash, they tell you
your credit score is not good enough. When you have a
good credit score, you don't need the cash!!
Just look at some benefits:
- You could earn equity each month, simply by paying
- There is no bank qualifying required to get
- You need only a 2 to 4% total down payment in most
- You get to "test drive" the home and check out the
neighborhood before you commit to buying.
That is a good question. The good news is that it
probably is the easiest way in today's loan marketplace
to get into a home of your choice with no bank financing,
no points or harsh fees with your loan and best of all,
just a minimal down payment (usually between 2 to 4% of
Price of 3 bed, 2 bath doublewide mobile on large
Down payment if you borrowed from a bank, 10 to 20%
down...$8,500 to $17,000.
Credit history on all purchasers will be checked
thoroughly along with income, job history, etc.
Past life problems could be held against you such as
medical bills, loss of job causing delay in your
payments, sickness of family member causing late
payments, or any lifestyle change that banks are
Down payment on rent to own, called option consideration,
is just about $2,000 total. Not the large down payments
Credit history is not checked by a bank so there are
fewer criteria upon which you will be evaluated.
You get to move into your dream home for minimal outlay
and no bank qualifying. Best of all, your initial payment
is applied to the down payment when the option is
exercised (when you purchase the home).
Also, depending on the figures of your actual deal, you
are also entitled to a rent credit each month. This is
applied to the purchase price of the home. Now you are
building equity with each rent payment. This option can
be for as long as 3 years if you wish, until permanent
financing can be obtained.
Let's get started with the nuts and bolts of Rent to